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  "documentTitle": "GCP Applied Technologies (GCP)",
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  "notes": "The slide uses a 'before-after' style logic to debunk management's narrative of value creation.",
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      "text": "GCP’s share price performance has compared poorly to peers and broader indices over almost any time period.",
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      "text": "The Board highlighted five key milestones in its May 2020 investor presentation, yet those milestones do not seem to have translated into value creation for shareholders.",
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      "text": "GCP would like to take credit for value creation milestones over the last several years, but stock price performance relative to peers and broader indices has underperformed since each such milestone.",
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      "text": "Source: CapitalIQ. (1) Total returns for all periods include dividends; performance measured from date of milestone through April 29, 2020...",
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      "text": "Despite GCP’s Attempts to Claim Credit For Key Milestones, Stock Price Performance Has Been Poor",
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